Retail businesses in Cyprus are maintaining low expectations for Black Friday sales as consumer spending remains muted, according to industry representatives.
Market activity has been sluggish so far, with shoppers showing restraint in their spending habits. Retailers are pinning their hopes on the official Black Friday date of November 29, which coincides with many workers’ payday and could potentially boost sales.
Speaking to philenews, Marios Antoniou, Secretary General of the Cyprus Retail Association (PASYLE), said expectations for Black Friday have been and remain limited.
He explained that consumers appear reluctant to spend beyond essential needs, focusing primarily on basic necessities and utility bills.
The situation is further complicated by Black Friday’s traditional association with electronics and technology products, which require significant expenditure.
Additionally, with Christmas and New Year approaching – periods that typically feature their own sales events – consumers might prefer to wait for their thirteenth salary before making major purchases.
Discounts are expected to range from 15-35%, with a maximum of 40%, though higher discounts might apply to old stock.
Antoniou noted that these figures fall short of the 80-90% discounts seen in the United States, potentially disappointing local shoppers.
The Retail Association has urged its members to ensure advertised discounts are genuine, warning of steep fines for non-compliance with regulations.
“Consumers will either reward or punish us in the end, so we must be honest with them and deliver the discounts we advertise”, Antoniou emphasised.
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